Treasurer reports deficit in 2015 budget

Treasurer reports deficit in 2015 budget

March 14, 2016

ALCOA, Tenn. (March 13, 2016) -- Churches gave $9.47 million in tithes to the Holston Conference budget in 2015, but it wasn’t enough to cover $10.36 million in expenditures.

The treasurer’s office reports that the 894 churches in its ledger collectively gave 90.53 percent toward a 2015 budget of $10.46 million, a budget approved by the 2014 Annual Conference. The deficit for 2015 is $893,060, said Rick Cherry, treasurer.

Even if churches had given 100 percent of their calculated tithes, Holston would have experienced a shortfall, Cherry said. “The deficit – if the tithe were paid at 100 percent of the calculated amount -- would have been $227,370."

The tithe for each church is calculated as 10 percent of total income, excluding designated giving.

Cherry reported the following statistics to the Council on Finance and Administration (CFA):

• 230 churches paid less than 96 percent of their tithes• 664 churches paid 96 to 100 percent of their tithes• 32 churches (excluding preaching stations) paid $0• Churches reported a total $26.38 million as designated income